It has been a long way down for EUR USD since the last major top, which occurred near 1.40. Currently around 1.3350, the time is appropriate for an update of the situation. On the chart below you will see an Elliott Wave labeling of the whole 650-pip decline. 
As you see, there are two impulsive sequences, labeled (1) and 1, connected by wave (2). This could as well be counted as an A-B-C zig-zag, but the reason why we are so bearish on EURUSD is our big picture scenario. Recommended reading: EURUSD may fall even sooner 
On the weekly chart of euro to dollar we consider a triangle in wave X. This means that wave Y to the downside should be expected and we think, that the 4-hour chart of EUR USD shows the very beginning of this presumed major decline. If this is the correct count, exchange rates around 1.10 could be reached in the long term. However, a correction follows every five-wave impulse, so if we take another look at the first chart, we may come to the conclusion that 1.35 could be re-visited, before the larger downtrend resumes.
